Answer:
true
Explanation:
Gross domestic product is the sum of all final goods and services produced in an economy within a given period which is usually a year.
GDP can be calculated using the expenditure approach.
GDP = Consumption spending + Investment + Government Spending + Net Export
GDP of the US for the 3rd quarter of 2019 was $5,385,635 million
I hope my answer helps you
The IMF requires Argentina to reduce government spending by cutting salaries to government workers and reducing pension payments. This is an example of Austerity.
- In order to control the rising public debt, a government may enact strict economic policies known as austerity, which are characterized by increased frugal living.
- There are three main categories of austerity measures: raising taxes to finance spending, raising taxes while eliminating non-essential government services, and lowering taxes while reducing spending.
- Austerity is divisive, and the effects on a country's overall well-being can be worse than they would have been otherwise.
- During periods of economic uncertainty, austerity measures were implemented in the United States, Spain, and Greece.
- Governments experience financial instability when their debt exceeds their income, leading to significant budget deficits. Government spending increases typically result in higher debt levels.
Learn more about Austerity, here
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Answer:
The answer is: It will move resources from belt production to shoe production, thereby decreasing the supply of belts.
Explanation:
The Law of Supply states that as the price of a product increases, suppliers are willing to offer a larger quantity of that product. But if the price of a product decreases, suppliers will be willing to offer smaller quantities of that product.
In this case, the leather company will want to offer a larger quantity of shoes since the price of shoes is likely to increase. Since all companies only have a certain total amount of resources, in order to be able to produce more shoes they might have to decrease the quantity supplied of belts.
Answer:
Option (C) is correct.
Explanation:
We know that gross domestic product (GDP) of a nation plays a very important role in the long run economic growth. Long run economic growth will be directly impacted by the nation's GDP.
GDP of a nation increases with increase in the production of goods and services. If there is a availability of advanced technology, more capital and large number of labor then this will lead increase the productivity of employees and directly contributes towards the production of a nation.
Hence, the GDP of a nation increases, as a result long term economic growth will also increases.
Answer:
A price ceiling is a bar on the legal maximum price a commodity can be sold for while a price floor is the least legal price a commodity can go for.
The price ceiling is always greater than the price floor in this case it is not so, hence the price floor is not binding to the price ceiling.
the statements below is analyzed under price ceiling and price floor according to whether it is binding or nonbinding.
Explanation:
1. Due to new regulations, donut shops that would like to pay better wages in order to hire more workers are prohibited from doing so.
Statement one is neither a price ceiling nor a price floor and it is nonbinding
2. The government has instituted a legal minimum price of $1.80 each for donuts.
Statement two is a price floor and it is binding.
3. The government prohibits donut shops from selling donuts for more than $1.10 each.
Statement three is a price ceiling and it is binding.
